Bragged about the wonder work this "niche" steel operation "right in the middle of downtown Seattle"..Goll-eeee-Gee-Whiz
What he DIDN'T say:
Nucor is the "modern incarnation" of:
wait for it....
BETHLEHEM Steel ..employed THOUSANDS
Click to see what it USED to beand when it closed down:
http://articles.mcall.com/keyword/bethlehem-steelBethlehem Steel
By Compiled from news service | August 2, 1984
Bethlehem Steel has signed a letter of intent to sell its West Seattle plant to CEM Associates, the Kirkland, Wash., insurance firm says. CEM would not give the exact figure on the mill's sale but said the entire transaction would require about $100 million. A Bethlehem Steel spokeswoman said would not comment on the report of the agreement "because negotiations are still taking place" and she couldn't confirm it because "it didn't come from Bethlehem Steel." Robert Wilkins, vice president of finance, said earlier this year that Bethlehem Steel hopes to raise $150 million in cash this year through the sale of assets.
Wilkins also said he hoped the company could raise 40-50 percent of that total from the sale of the West Seattle plant . . .
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NEWS
Bethlehem Steel: Injustice and confusion
By The Morning Call | April 6, 2003
CEOs are overpaid! An April 1 story reported that Bethlehem Steel CEO Robert S. Miller Jr. earned $900,000 in 2002. At the most vulnerable time in retirees' lives, we are on the telephone for hours trying to talk to a person, to no avail, to get information on a health care replacement plan and sitting at seminars. People are confused and angry. What's wrong with this picture?
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and now we come to Nucor.. better than NOTHING, but not nearly what it replaced
Nucor .. 290 employees at start-up..less now
http://www.bizjournals.com/seattle/stories/2002/05/20/daily20.htmlNucor buying Birmingham's West Seattle steel mill
Puget Sound Business Journal - by Steve Wilhelm
Date: Tuesday, May 21, 2002, 2:30pm PDT
The proposed buyer of Birmingham Steel Corp.'s assets plans to keep its huge West Seattle factory, and a local Birmingham executive says all 290 workers can expect to keep their jobs.
Nucor Corp. of Charlotte, N.C., said Tuesday it has signed a letter of intent to purchase most of Birmingham Steel's assets, for $615 million in cash. The deal isn't expected to close until the end of the year, after review by the Federal Trade Commission and creditors of the Birmingham, Ala.-based seller.
and right on schedule, a few years later?
Thursday, February 12, 2004
Mayor's bid to give steel maker a break on power rates is questioned
http://www.seattlepi.com/local/160341_nucor12.htmlBy KATHY MULADY
SEATTLE POST-INTELLIGENCER REPORTER
A proposal by Mayor Greg Nickels to give Nucor Steel a break on its electrical rates raised sparks from some members of the City Council's energy committee yesterday, as well as from representatives of manufacturing and industrial businesses. Some questioned why one business was being singled out for a rate break.
Others asked whether it was fair for residential ratepayers and small business owners to make up the difference by paying more on their Seattle City Light bills. "I think this opens the door to very serious rate wars between different categories of users," Councilman Nick Licata said. "Nucor is the most profitable steel company in America; why are we subsidizing it?" he added. "We have to deal with them fairly, but they are not struggling or closing." Some council members also were irked that the mayor worked on the new contract with Nucor for six months and is pushing the council to adopt it quickly.
snip
Under the new contract proposed by Nickels, Nucor would pay between $42 and $49 per megawatt-hour in 2004. Other industrial customers pay about $55 or more per megawatt-hour. Unlike other customers, Nucor -- the city's largest user of electricity -- has agreed to allow the city to interrupt its power for up to 184 hours a month if necessary. Service wasn't interrupted in 2002 or 2003.
Nickels said the reduced rates for Nucor would help assure that the steel company's 285 jobs stay in Seattle. "We want to be here for the long run," said Doug Jellison, general manager at Nucor. The West Seattle steel mill has been operating under the original agreement, reached between Birmingham Steel and the city in 2001 when electrical rates and costs were soaring and Birmingham was in financial trouble. Birmingham eventually was sold to Nucor, which continued to receive the city's reduced rates.
While Birmingham was working out reduced City Light rates in 2001, residential rates climbed 58 percent that year. Last month, the payback clause kicked in to reimburse City Light for the earlier rate breaks. When that happened, Nucor's rate jumped to about $63 per megawatt-hour. It was originally agreed that the steel company would repay the city $13.3 million by 2008 to make up for the reduced rates. Under the new deal, Nucor instead would pay $9 million right now if it can get the lower rate.
snip